income tax

noun

: a tax on the net income of an individual or a business

Examples of income tax in a Sentence

Federal income tax will be deducted from your pay.

The new law will lower income taxes for most taxpayers.

Recent Examples on the Web

And investment income that might have generated substantial tax revenue elsewhere is not subject to a Florida individual income tax. — Miami Herald, 25 Aug. 2026

Lamont countered that his tax cuts have essentially eliminated the income tax for a family of four with two children that qualifies for the state and federal earned income tax credit and earns less than $55,000 per year. — Christopher Keating, Hartford Courant, 23 Aug. 2026

Hilton has vowed to use those savings to issue state income tax breaks, calling it an immediate antidote to high costs. — Christine Mai-Duc, NPR, 23 Aug. 2026

The gold rush for artificial intelligence has already created a windfall for the state from a surge in income tax collected on stock market gains. — Nilesh Christopher, Los Angeles Times, 21 Aug. 2026

Word History

First Known Use

1799, in the meaning defined above

Rhymes for income tax

• anticlimax
• counterattacks
• hemothorax
• mesothorax
• metathorax
• almanacs
• carrybacks
• haversacks
• lumberjacks
• maniacs
• microcracks
• minimax

Kids Definition

income tax

noun

ˈin-(ˌ)kəm-

: a tax on the income of a person or business

Legal Definition

income tax

noun

: a tax on the net income of an individual or a business compare excise, property tax